Bank of Maldives introduced Cash Agent Banking to Gdh.Hoandedhoo.
According to BML, with this, the bank has not reached 100 Cash Agents that provide deposit and payment services across the nation.
Cash Banking is an alternative service provided by the bank that use local retailers to provide cash withdrawal and deposit services for islands with a branch or ATM.
Agents are able to facilitate withdrawals up to MVR 2,000 daily and deposit up to MVR 10,000 daily and payments for loans and credit cards without any additional charges.
CEO of BML Aishath Noordeen said that this was a representation of an important milestone as the bank marks the introduction of Agent Banking services through their 100th Cash Agent.
"This is an integral part of our financial inclusion strategy to enable customers to easily access basic banking services across residential islands without the need to travel to an island with a Branch or Self Service Banking Center. We look forward to expanding the service to more inhabited islands over the course of this year."
BML has over 35 branches across the 20 atolls, with 27 Self Service Banking Centres, 134 ATMs, over 200 agents and a full suite of Digital Banking services.